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Indigo Sales Dropped 12% in Q3 and Profits Plunged
Just days after it revealed that it had received an offer to take the company private, Canada's Indigo Books & Music released its financial results for the crucial holiday season—and as even CEO Heather Reisman admitted, the results were “disappointing.”
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Profits Soar at HarperCollins as Audio Sales Boom
A 29% increase in sales of digital audio, coupled with lower costs, resulted in a 67% increase in profits at the publisher in the quarter ended December 31, 2023, over the comparable period a year ago. Total sales were up 4%.
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Independent Publishers Group Finds Some New Directions
The biggest independent book distributor in the U.S. sees opportunities in 2024 both here and in the U.K., where it has finally stabilized the United International Distribution business it bought in 2021—and where a 2023 change in Amazon's sourcing requirements has left a hole CEO Joe Matthews says he hopes IPG can fill.
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Publishing Industry Sales Were Flat in November
Gains in both the children's/young adult books and religion categories were enough to offset declines in the other major segments in November at the 1,225 publishers that report sales to the AAP.
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Indigo Books & Music Gets a Buyout Offer
Two investment firms led by Canadian billionaire Gerald Schwartz—an Indigo board member, husband of founder Heather Reisman, and the company's majority owner—has made an offer to acquire the remaining shares of Canada's largest bookstore chain.
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Amazon Turns $2.7 Billion Loss in 2022 to a Profit of $30 Billion in 2023
A strong holiday shopping season, an improved fulfillment operation, and cost cuts including an estimated 27,000 layoffs resulted in a $30 billion profit for Amazon in 2023 following a loss of $2.7 billion in 2022.
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Open Road Integrated Media Has ‘Transformational’ Year
More titles, publishers, and services led to record revenue in 2023 at the digital marketing company, said CEO David Steinberger.
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RBmedia Sees More Growth Under New Owners
The independent audiobook publisher's catalog topped 70,000 titles last year as it entered into more partnerships.
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Quarto Delists from London Stock Market, Makes Tender Offer
The U.K–based publisher has begun a tender offer to acquire more than 11 million common shares as it delists from the London Stock Exchange’s main markets.
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Religion Book Sales Up 1.2% in October, 7.1% Year-to-Date
Sales of religious print books remain solid through October, offsetting slow digital sales.
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Print Book Sales Fell 2.6% in 2023
A 1.7% increase in sales in the fourth quarter kept the drop at 2.6% for the year, overcoming a 4.1% drop during the first nine months. Smaller than expected losses in sales of books for adults helped to offset plunges in the children’s sector.
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Trouble with Book Fairs Prompts Scholastic to Lower Financial Forecast for Fiscal 2024
CEO Peter Warwick attributed lower than expected second quarter results to a “complex” school environment characterized by “growing polarization in U.S. society and politicized schools and school boards.”
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Publishing Sales Up Just a Smidge Through First Nine Months of 2023
Publishing stayed roughly flat in the first nine months of 2023, inching up 0.8% at the 1,225 publishers that report to the Association of American Publishers' monthly StatShot program over the comparable period in 2022.
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B&NE Shows Improvement in Its Second Quarter
An increase in its First Day Complete sales and lower costs in its second period resulted in a jump in earnings, on flat sales, at Barnes & Noble Education, which operates more than 1,270 college stores.
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Wiley Second Quarter Marked by Rightsizing Efforts
As part of its efforts to create a leaner and more profitable company, Wiley began its restructuring plan in the second quarter, which included consolidating some functions and selling assets.
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Quarto to Go Private, Delist from London Stock Market
The U.K.-based publisher said a proposed stock market delisting will save money and give it more flexibility to react to business challenges and opportunities. The U.S. is Quarto's largest market.
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Regnery Publishing Will Stay with Salem Media Group
Salem Media Group, parent company of Regnery Publishing, has been selling assets in an effort to cut its debt debt load, but a proposed sale of the publisher has been called off.
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Hachette Book Group, Hachette UK to Move Under United Management Team
Under what it calls a "new English-language management structure," Hachette Livre has named Hachette UK CEO David Shelley head of both Hachette Book Group and HUK, while current HBG CEO Michael Pietsch will retire as CEO and serve as chairman of the new group.
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Sales Remain Sluggish for Big Book Publishers
Three of the Big Five publishers struggled in the first nine months of 2023, according to recent financial results, as the industry coped with sagging sales and rising costs.
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HarperCollins Posts Big Gains in Q1 of Fiscal 2024
Revenue in the quarter ended September 30, 2023, rose 8% over fiscal 2023 at HarperCollins, and profits jumped 67%. Executives at parent company News Corp expect the publisher to show marked improvement over last year.
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